The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company(IBEDC) Ltd over insolvency.

The Chief Operating Officer (COO) Engineer John Ayodele disclosed this in a memo to members of staff intimating them of the development, The Nation gathered.

Ayodele, in the January 20 memo, said the company fell under receivership by a September 8, 2021 Federal High Court judgment.

The judgment, he said, granted preservative orders in favour of AMCON.

He explained the government corporation has appointed a lawyer to serve in the receivership action.

He disclosed that the receiver arrived on Thursday January 20 to take charge formally, hinting that he already held a meeting with the management staff.

Ayodele, however, allayed fears over the development and assured staff of job security.

https://thenationonlineng.net/breaking-amcon-takes-over-ibedc/?fbclid=IwAR3g0PjMvRrP3_284xkSvvqGqFfm5K780Ei-peZNnAM4T5czc5R2VPn-6L0

Like seriously?

IBEDC customers why? Una don bypass sotey, the company nearly bankrupt

Du dhe yus eletrcty in dos braunnies?

They are the most useless people in Ibadan, 24 hours electricity for a whole mouth, still they bring outrageous amount , it's even getting worse everyday

Good for them.. Ikedc should be next

All these discos are useless people

Nigerian's will never forgive Jonathan for selling our power to his cronies.

As IBEDC customer, I'm not least bit surprised about this.

Buying tokens from the Disco is worse that asking Buhari to show his certificate

ratiken:
TINUBU DID NOT MAKE THEM, HE EXPLOITED THEM

By Ayo Turton

What human capital has Tinubu developed gan an? I am sick and tired of hearing this argument.

Let's break this down. At best, Tinubu's relationship with these guys has been symbiotic in the best scenario for him.

Oga what's the meaning of this. How does this relate to the topic.

You had better go find something better to do with your time.

BAT for 2023

Shey dat one mean any electricity we av now is free

Dexpro:
Like seriously?

IBEDC customers why? Una don bypass sotey, the company nearly bankrupt

Less than 10% of electricity consumer in Ibadan has prepaid metre so it's not a matter of bypass

We I lives, sometimes there will be no power supply for a whole week despite that transformer is perfectly ok

If there's small issue with transformer, their staff will demand for minimum of 10k before leaving their office to check what's wrong with the transformer. If it's something that will cost 50k to fix, they will demand for 300k. Their customer care representative is a joke, the lady always defend their staff on phone if you dare complain about their services.

I use prepaid metre in my house but our transformer had issue for about 8months now. We contributed money to buy new one but IBEDC insist they buy for us at overinflated rate else where won't power the transformer. We now warned them never to distribute their estimated bill to us if they don't want to have their hand chopped off

We now rely on generating set & solar whereas we have over 500 houses on that damaged transformer

Damnnn niggar
Isoright

nice one

Different bottle, same wine!

The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company(IBEDC) Ltd over insolvency.

The koko be say,
Let there be light,
And secondly, we hope some people won't lose their positions

Nigeria will work in our lifetime.

One could see this coming. The management didn't do much to sustain the company. Many loopholes in the billing system and some lack of professionalism too.

PS. Please, who have a job for me in Ibadan?
Please help me out!. Contact in my signature

K

Long overdue

Same company mismanaged a loan worth N6 billion from the N11.367 billion it received from the Nigeria Electricity Market Stabilisation Fund (NEMSF) granted by the Central Bank of Nigeria (CBN) to its alleged core investor group

The company so-called Board of Directors approved N6bn loan to another company out of N11bn loan from CBN, a loan expressly availed to you with conditions to improve electricity distribution service to Nigerians, nay Ibadan consumers but it was squandered

Of cos, the balance money must have surely been siphoned by Mgt, staffers etc under different guise

Good riddance to bad rubbish

The Directors should be prosecuted

BEDC next pls

Issokay!!!

After this lock down the MD or director or who ever is in charge ends up making money from this activity...

⏩Nothing can survive under Buhari.


Tax, tax tax everywhere.


Meanwhile, all workers are poorly
paid, so, they either result to stealing
energy or using electricity only at night.

So, distribution companies procure
energy from GENCOs, but can't even
Break even due to low patronage or
bypassing of meters.⭕️

Once there isn't money in the hand of
the population, everything will collapse.
That was why during Lockdown, all the
Oyibo countries made sure they gave
survival money to their citizens to make
them have purchasing power when out
of work due to the lockdown.☑️

But in Nigeria, the officials kept the
money for themselves and were giving
citizens one, one Indomie or cup of rice❗️☹️

The more they increase electricity
tariffs, the less money these companies
will make, so long as the APC manufactured
poverty persists.

How that concern me?

Hmmmmmm

Where is the VAT?

A whole IBEDC with millions of customers

People from that side of the country don't pay for light. They believe everything should be free.

ratiken:
TINUBU DID NOT MAKE THEM, HE EXPLOITED THEM

By Ayo Turton

What human capital has Tinubu developed gan an? I am sick and tired of hearing this argument.

Let's break this down. At best, Tinubu's relationship with these guys has been symbiotic in the best scenario for him.

Was it Tinubu that made Osinbajo the Professor he is, or Tinubu needed his brain to run his government?

When he got jammed up with Obasanjo, it was Osinbajo that came up with a legal solution for him and they won serially in courts.

For your information, Tinubu was against his becoming the VP. He reluctantly agreed when he had no choice.

Was it Tinubu that made Fashola Senior Advocate of Nigeria?

He only tapped into Fashola's brain to make his government look good. The benefit was mutual. The moment Fashola's profile started rising above his own as Governor, he tried to stop him from getting a second term. What they play now is a cat and mouse game. The relationship has never been the same.

Ambode was the Chief Accountant of Lagos State that came up with the plan to raise the State IGR that they are enjoying today. Now they are no longer friends. He threw him under the bus.

Fayemi was one of those eggheads that fought with NADECO during Abacha infamous days. Tinubu only occasionally supplied funding.

The moment the Northerners suggested his name as a running mate to whoever emerges as President from the North, at the early stage of forming APC, Tinubu went against him. The relationship has gone down south since then.

Mamora is a suave and an urbane gentleman and a Medical Doctor to boot. He was simply one of the best Senators of his time. The moment his profile started rising in Abuja, with the potential to overshadow the landlord of Lagos, the ticket was taken from him by Tinubu and given to his wife.

Aregbesola was the most loyal to Tinubu of all those followers; now, the relationship has gone south.

Therefore, he uses these people as tools rather than their destiny helper.

The moment their profiles started to rise, he would attempt to stop them. He thinks he is the one to determine how far destiny can carry them.

This is a guy who destroyed all the powers that made him from AD days.

I am sick and tired of the platitude.

Buhari that completely shut Tinubu out of his governance for 7 years is unlikely to hand over to him.

What about supporting a younger Osinbajo or Fashola for the position if he is altruistic in growing talents?

©️Ayo Turton

Una no dey rest ni

Noted

1nigeriamyfoot:

Less than 10% of electricity consumer in Ibadan has prepaid metre so it's not a matter of bypass

We I lives, sometimes there will be no power supply for a whole week despite that transformer is perfectly ok

If there's small issue with transformer, their staff will demand for minimum of 10k before leaving their office to check what's wrong with the transformer. If it's something that will cost 50k to fix, they will demand for 300k. Their customer care representative is a joke, the lady always defend their staff on phone if you dare complain about their services.

I use prepaid metre in my house but our transformer had issue for about 8months now. We contributed money to buy new one but IBEDC insist they buy for us at overinflated rate else where won't power the transformer. We now warned them never to distribute their estimated bill to us if they don't want to have their hand chopped off

We now rely on generating set & solar whereas we have over 500 houses on that damaged transformer

I trust my people. They hate economic cheats.